Malaysian company converting floating storage unit for Electrogas sets up three Maltese subsidiaries

The $300 million deal for the conversion of an old LNG tanker into a floating storage unit for gas, to be anchored in Delimara bay, has only just been signed between Electrogas Malta and Bumi Armada, but the Malaysian company has already set up three Maltese subsidiaries.

Armada Floating Gas Storage Malta, a wholly owned subsidiary of Bumi Armada (incorporated in Malaysia), was incorporated on 6 April 2015 with authorised share capital of EUR1 million.

The other companies are: Armada Floating Gas Services Malta (authorised share capital EUR50,000) and Armada Regasification Services Malta (authorised share capital EUR50,000).

Again, this information comes from sources outside Malta.

There is a mistake in the incorporation date in the story below: it should be April 2015 and not April 2014.